Waec Accounts - Principles of Accounts 1994 Past Questions and Answers

Question 1:

• WAEC 1994

Which of the following statements is not valid?

A. Provision for bad debts is deducted from debtors total in the Balance sheet
B. An increase in provision for bad debts appears on the debi side of the profit and loss account
C. A decrease in the provison for bad debts appears on the credit side of profit and loss accoun
D. The bas debt account is closed to the debit side of the profit and loss account
E. Bad debt is a deduction from debtors total afte making provision for bad and boughtful debts

Question 2:

• WAEC 1994

Which of the following statements is not valid?

A. Provision for bad debts is deducted from debtors total in the Balance sheet
B. An increase in provision for bad debts appears on the debi side of the profit and loss account
C. A decrease in the provison for bad debts appears on the credit side of profit and loss accoun
D. The bas debt account is closed to the debit side of the profit and loss account
E. Bad debt is a deduction from debtors total afte making provision for bad and boughtful debts

Question 3:

• WAEC 1994

Carriage outwards is charged to the

A. Debit side of profit and loss account
B. Credit side of profit and loss account
C. Credit side of trading account
D. Debit side of profit and loss Appropritation account
E. Debit side of Balance under current liabilities

Question 4:

• WAEC 1994

Where a proprietor withdraws cash from bank for office use, the entries would be

A. Credit cash account, debit bank account
B. Debit cash account, credit bank account
C. Debit officer account, credit bank account
D. Debit drawings account, credit bank account
E. Debit bank account, credit drawings account

Question 5:

• WAEC 1994

A debit cash balance of N26,900 was brought down as N24,300. The entries necessary to correct the error are

A. Debit cash account N5,200, credit suspense account N5,200
B. Credit cash account N5,200, debit suspense account N5,200
C. Debit cash account N2,600, credit suspense account N2,600
D. Credit cash account N2,600, debit suspense account N2,600
E. Credit cash account N2,600, debit bank account N2,600